An Indian court on Monday has given police three weeks to conclude an investigation into claims from a former Paytm director who said he co-founded the digital payment platform but did not receive shares owed.
Ashok Kumar Saxena, 71, in legal documents said he invested $27,500 two decades ago in Paytm parent One97 Communications but was never allotted any stock, Reuters reported this month https://reut.rs/3j746WJ.
Financial services platform Paytm's Gross Merchant Volume (GMV) is growing at over a 100 per cent in a year, according to its Draft Red Herring Prospectus (DRHP), filed last week.
In Q1FY22, Paytm’s GMV hit Rs 1,46,900 crore, from Rs 69,700 crore in the same period last year. In the whole of FY21, Paytm’s GMV was Rs 4,03,300 crore, highest in the payments industry as per research firm Redseer.
Shares of SBI Cards and Payment Services were up 3 per cent at Rs 855 on the BSE on Friday, gaining 4 per cent in the past two trading days after the company said it has launched credit cards in partnership with the digital payment platform Paytm.
The stock was trading higher for the fifth straight days and up 7 per cent during the week, as compared to 5 per cent rise in the S&P BSE Sensex.
Paytm has taken the challenge to Google’s Play Store by launching its Android Mini App Store, through which it seeks to help developers take their applications to the masses. This is the start-up’s latest move to break Google’s monopoly over distribution of Android applications.
Paytm is providing listing and distribution of these mini apps from within its app, without any charge. Developers will be able to give a choice of Paytm Wallet, Paytm Payments Bank, UPI, net banking, and card payments to users.
Home-grown financial services platform Paytm, which was briefly removed from Google Play Store for alleged policy violations earlier this month, said on Monday that it has brought back the Paytm Cricket League with UPI cashback and scratch cards.
Now, users can collect stickers of their favourite cricket stars as they pay digitally for their mobile bills, recharges, buying groceries or money transfers, Paytm said.
Digital payments company Paytm on Monday announced that it's wholly-owned subsidiary Paytm Money has opened stockbroking access for everyone in the country. The company is targeting a million investors with focus on first-time users from small cities and towns.
The company in a statement said, "the efforts are aligned to drive higher penetration in investing with an easy to use the product, low pricing (zero brokerage on delivery orders, Rs.10 for intraday) and digital KYC with paperless account opening.
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